The US Dollar surged by 24 basis points against the Canadian Dollar on Thursday. The currency pair traded between the 50– hour SMA resistance level and the 200– hour SMA support line during yesterday’s trading session.
All things being equal, the USD/CAD exchange rate will most likely continue to decline. Bearish traders might drive the price towards the weekly S1 at 1.2969 within this session.
However, a support level formed by the weekly pivot point at 1.3036 could provide support for the currency exchange rate during the following trading session.
